Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant industrial service facility leased to Herc Rentals. The 11,591-square-foot property is located at 8016 Veterans Memorial Parkway in St. Peters, Missouri. Zach Harris of Stan Johnson Company, with assistance from Senior Analyst Mark Grossman, represented the seller, Nelson Grumney with Neland Investment Management. The asset was acquired by a private investor who was represented by Patrick Doherty with Marcus & Millichap. The property sold for more than $4.3 million.
“The industrial outdoor storage (IOS) and industrial service facility (ISF) asset category has been a specialized focus for our team for quite some time, and this transaction represents another successful closing in this arena,” said Harris, Director in Stan Johnson Company’s Tulsa, Oklahoma headquarters. “The marketplace for ISF and IOS deals continues to amplify from an array of investor types – institutional REITs, private equity, family offices, individual investors and 1031 exchange buyers. This demand was clearly evidenced during our marketing process on this property with the ultimate buyer, a private investor on a 1031 exchange, being chosen from a very competitive group of offers.”
The well-located property in a northwest suburb of St. Louis, Missouri features direct frontage along Interstate 70 with visibility from more than 136,000 vehicles per day. The facility, built in 2008, is situated on approximately 3.0 acres of fenced land and offers additional income from a billboard that operates on a ground lease.